Preheat oven to 275°F. Place cashews and rice cereal on a large cookie sheet and place in oven to warm.
Meanwhile, melt butter in an 8-quart saucepan or Dutch oven over medium heat. Stir in TABASCO® SWEET & Spicy Sauce, corn syrup, and sugars and stir until sugar dissolves. Increase heat to medium-high and cook until a candy thermometer registers 280°F, soft-crack stage.
Remove nuts and cereal from oven and add to butter mixture, stirring carefully until evenly coated; quickly pour onto two lightly oiled cookie sheets. Let cool and break into bite-size pieces. Store in an airtight container.
Makes about 3 pounds.